W. Africa Crude-Trade limited with fewer arbitrage opportunities


LONDON, Sept 29 (Reuters) – Trade was limited on Friday with unchanged offers that were deemed too high amid weakening demand, particularly in Asia, owing to the wide spread between the European and Asian benchmarks.


* Angola’s state firm Sonangol has appointed three new board members to help restructure the state oil company, the same week President Joao Lourenco was sworn into office after 38 years of rule by Jose Eduardo dos Santos.

* Sonangol was offering cargoes from the November programme, including two Dalia at dated Brent plus 30 cents and an Olombendo at a $1.50 a tonne premium to dated Brent.

* Around eight October loading Angolan cargoes still remained and even more Nigerian cargoes.

* Key Nigerian programmes, Bonny Light and Erha, have yet to emerge for November. Bonny Light exports remained under force majeure.

* Total November loading plans for Nigeria compiled by Reuters are at 46 cargoes so far, or about 1.345 million barrels per day.

* Indian Oil Corp issued two tenders to buy crude, one for December-loading West African grades and another for November-loading U.S. crude. Both close next week.

* A tender from Indonesia’s Pertamina also closes next week. It is seeking to buy oil delivered in December. (Reporting by Julia Payne; Editing by Mark Potter) ))

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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